New York S 3456: Relates to franchise tax on banking corporations

Bill Text

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S03456 Summary:

BILL NOS03456 

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SAME ASSAME AS A04282

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SPONSORHOYLMAN-SIGAL

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COSPNSRBAILEY, BRISPORT, BROUK, COONEY, FAHY, GOUNARDES, HARCKHAM, HINCHEY, JACKSON, KAVANAGH, KRUEGER,
 LIU, MAY, MAYER, MYRIE, RAMOS, SALAZAR, SEPULVEDA, SERRANO, SKOUFIS, STAVISKY, WEBB

&nbsp

MLTSPNSR

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Add Art 74 §§74-0101 & 74-0102, En Con L; add §99-ss, St Fin L

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Establishes the climate corporate data accountability act requiring certain business entities within the state to annually disclose scope 1, scope 2 and scope 3 emissions; establishes the climate accountability and emissions disclosure fund.

Go to top S03456 Actions:

BILL NOS03456 

&nbsp

01/27/2025REFERRED TO ENVIRONMENTAL CONSERVATION

04/02/2025REPORTED AND COMMITTED TO FINANCE

Go to topS03456 Committee&nbspVotes:

Go to topS03456 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03456 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3456

 2025-2026 Regular Sessions

 IN SENATE

 January 27, 2025
 ___________

 Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
 when printed to be committed to the Committee on Environmental Conser-
 vation

 AN ACT to amend the environmental conservation law, in relation to
 climate corporate data accountability; and to amend the state finance
 law, in relation to establishing the climate accountability and emis-
 sions disclosure fund

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. This act shall be known and may be cited as the "climate
 2 corporate data accountability act".
 3 § 2. The environmental conservation law is amended by adding a new
 4 article 74 to read as follows:
 5 ARTICLE 74
 6 CLIMATE CORPORATE DATA ACCOUNTABILITY ACT
 7 Section 74-0101. Definitions.
 8 74-0102. Climate corporate data accountability act.
 9 § 74-0101. Definitions.
 10 As used in this section, the following terms shall have the following
 11 meanings:
 12 1. "Emissions reporting organization" means either: (a) an organiza-
 13 tion within the department created by the department pursuant to para-
 14 graph b of subdivision two of section 74-0102 of this article; or (b) a
 15 nonprofit emissions reporting organization contracted by the department
 16 pursuant to paragraph b of subdivision two of section 74-0102 of this
 17 article that both:
 18 a. Currently operates a greenhouse gas emissions reporting organiza-
 19 tion for organizations operating in the United States; and
 20 b. Has experience with greenhouse gas emissions disclosure by entities
 21 operating in New York.
 22 2. "Reporting entity" means:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00696-03-5

 S. 3456 2

 1 a. A partnership, corporation, limited liability company, or other
 2 business entity formed under the laws of this state, the laws of any
 3 other state of the United States or the District of Columbia, or under
 4 an act of the Congress of the United States that both:
 5 i. Does business in this state and is deriving receipts from activity
 6 in this state within the meaning of section two hundred nine of the tax
 7 law; and
 8 ii. Has total revenues in excess of one billion dollars in the preced-
 9 ing fiscal year, including but not limited to revenues received by all
 10 of the business entity's subsidiaries that do business in this state.
 11 b. A foreign entity shall not be considered to be doing business in
 12 this state exclusively by reason of carrying on in this state any of the
 13 activities enumerated in subsection (b) of section thirteen hundred one
 14 of the business corporation law. If a reporting entity is included as a
 15 consolidated subsidiary in the consolidated financial statements of an
 16 ultimate parent entity, then such ultimate parent entity may be the
 17 reporting entity for purposes of this definition. If a subsidiary of a
 18 parent company qualifies as a reporting entity for the purposes of this
 19 definition, the subsidiary is not required to prepare a separate report
 20 so long as the parent company prepares a report.
 21 3. "Scope 1 emissions" me